Greece Set To Default On €1.5bn Repayment

[mike2000 is back]

The Greeks are lazy, fraudsters, corrupt and want the European Union to pay all their bills. They want to retire at age 40 and receive full pension and medical benefits for another 40 years paid by the hard working German taxpayers.Greece has the highest defense expenditure per capita in Europe and $1 billion reduction of the $8 billion defense budget could help resolve this dispute but Greeks do not want to repay their loans and wants to default in or order to blackmail European Union. Enough is enough let them leave Euro zone and have let us have Grexit avoiding sleepless nights of EU officials. Greeks have already declared bankruptcy five times in last hundred years they are habitual fraudsters.

Bro, unfortunately i agree with you. i myself have been there for holidays few times(my elder brother lives there, though he's thinking of moving giving thr bad finsncial conditions in the country), i can attest that all what you said is true. I think its time greece get out if the eurozone, afterall it wouldnt mean the end of europe, since even my country has never been part of the euro(as we have our own strong great pound ). lol. So greece will/can
Quit the Euro but will remain in the E.U. its time this bluff ends.

In short, Greece imports basically double what it exports. Many jobs are government jobs, producing little other than graft and corruption. Its largest trading partner is the EU, which they plan on defaulting on. Greece's largest income producing industry, tourism, and they are in the process of destroying that too.
If you spend more than you can afford, and do not pay your bills, bad things happen when you do not change the way you handle your business. It does not get much more simplistic than that.


However on a positive side, greece is a veryyyyyyy beautiful country(lots of sunshine, islans, beaches) and beautiful girls. Had a great time there.

 

[-SINAN-]

Where is those happy turks？I thought they would be happy

Turkish FM talks with Greek counterpart in show of solidarity - DIPLOMACY
PM: Turkey ready to do all it can to back crisis-hit Greece - DIPLOMACY

 

[As is - where is]

Never having entered the Eurozone in the first place (UK) and exiting the Eurozone (Greece?) are two seperate things. It's not possible legally to exit the Eurozone without having exited the EU first. You have to invoke article 50 of the Lisbon treaty to exit the EU, that's the only way. This is the according to a study done by the ECB when it asked legal consultation on the matter a few years ago the results of which were confirmed by the EU commission later. To enter the EU again you must go through the process that other countries are currently going through.

 

[ArsalanKhan21]

It's not possible legally to exit the Eurozone without having exited the EU first. You have to invoke article 50 of the Lisbon treaty to exit the EU, that's the only way

Greece entered EU on false pretentiousness using falsified financial statements. Greece has no trade brands that are recognized around the world except Feta cheese and tourism. There are no industries nor low tax haven where multinationals can set up their offices and create employment like Ireland. Greece should accept that it entered EU prematurely and needs to develop its industry and end corruption to became part of EU and Euro. This is also strong signal to Romania and Bulgaria that they must have robust economy ad low corruption to be part of Euro.

 

[ArsalanKhan21]

Debt crisis affects Pakistanis living in Greece - Daily Pakistan Global

Debt crisis affects Pakistanis living in Greece

• July 1, 2015 3:32 pm

ISLAMABAD (APP) – Pakistanis, living in Greece have also been affected by recent debt crisis in the country, said Pakistan ambassador Dr Saeed Khan Muhammad on Wednesday.

Talking to Voice of America (VOA), the Pakistani ambassador to Greece said that at least 40,000 Pakistanis are living legally and have been managing small businesses in the country.

He said that thousands of Pakistanis are also living illegally and they have also been affected by the debt crisis.

Dr Saeed Khan Muhammad said that local people of Greece as well as Pakistanis who are working in factories and shops, are facing severe problems due to debt crisis in the country.

He said banks, shops have been closed for a week and there is thin traffic on the roads as capital controls had been imposed and ATM withdrawal limit is only 60 Euro.

He said that a number of Pakistanis have shifted their families to Pakistan, fearing debt crisis in Greece.

 

[As is - where is]

Very soon this will lead the ECB to the decision that the Greek banks are insolvent and as such it will shut down emergency liquidity assistance (ELA) to them. The banks will face bankruptcy and Greece will have to recapitalize or resolve them. Since it doesn't have the funds to do any of these, it will have to issue its own currency. At that point it will have de facto exited the Eurozone.

I think that I should mention this as well because I want to be clear on this matter. When the banks face bankruptcy, there's also the option of a bail-in. It's possible that we could have both a bail-in and a return to national currency. I'm saying those things now because if NO wins and they become reality it will already be too late.